KKR launches Akrapoint with $350M to finance equipment

KKR (NYSE: KKR) has launched Akrapoint Commercial Capital, a mid-ticket equipment finance company, with a $350 million capital commitment from KKR-managed investment funds through its Asset Based Finance strategy, according to a press release.

Akrapoint, headquartered in Denver, Colorado, will focus on financing vocational assets, specialty trailers and industrial equipment for small and middle-market businesses across U.S. industries including manufacturing, energy and power, sanitation and waste services, construction, and transportation and logistics.

Nate Smith serves as chief executive officer of Akrapoint. He previously spent nearly a decade at Trans Lease, where he oversaw credit, portfolio management, funding and compliance. Gary Shivers, a 30-year industry veteran, will chair Akrapoint's board of directors. Shivers previously founded Navitas Credit Corp, which grew to more than $1.8 billion in assets, and co-founded Advanta Leasing Corp and Marlin Business Services.

"Demand for vocational, specialty trailer and industrial equipment is growing fast, and the operators who run that equipment need a financing partner who understands their business," said Smith.

Daniel Pietrzak, partner and global head of private credit at KKR, said the platform's asset-backed cash flows align with the firm's long-term capital strategy.

KKR established its Asset Based Finance strategy in 2016 and currently manages more than $91 billion in ABF assets with a team of approximately 60 professionals globally. The firm operates more than 20 captive ABF platforms spanning consumer and mortgage finance, commercial finance, hard assets, and contractual cash flows.

Nomura Securities International served as financial advisor on the transaction, and Kirkland & Ellis served as legal counsel to KKR.

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